Advantages of Going Local for Your Business Startup 

Who can forget the moment when beloved media mogul, Oprah Winfrey, gave away  hundreds of vehicles to audience members during a 2004 live taping of the Oprah Winfrey Show? It was sensational. I can only imagine the excitement and thrill the audience members  must’ve felt knowing that they were the owners of a brand-new car-paid in full! But what most  winners didn’t know is that they would be responsible for the tax bill that came along with the  giveaway. To make it simple: because they were lucky winners of the cars as giveaway prizes and  prize winnings are subject to tax, each recipient received a 1099-MISC tax form from General Motors and was taxed an average of $7,000 for the value of the car. At no fault of Oprah’s, many winners went on to complain to the media about the large tax bill attached to their winnings.  Without understanding the tax liability of what came with a wonderful opportunity, the joy of their new possession came with a heavy tax burden. 

This same concept can happen in business if you make decisions in your startup without full  knowledge and understanding of the incorporating process. 

You get a business! You get a business! You get a business!

photo with button that says Go Local

When it comes to registering a business, nowadays everyone is claiming to be business gurus, but only a select few are truly committed to ensuring that your entity is properly structured with your goals and best interest in mind. Filing for the one pager is both as simple and significant as Oprah Winfrey giving away 300 cars. But is it really that simple? No, it isn’t. Just as Oprah’s lucky winners didn’t foresee the tax obligation with their brand-new car, you may also be blind-slighted by costly lessons down the road if your business is not properly structured for success, the right way- the first time. 

One crucial decision when starting a new business is understanding the value of structuring your entity the right way. And that’s why it’s important to select the right service provider to guide you through the process. While there are various options available, considering a local business incorporating service can offer you a range of unique advantages. In this article, I will discuss the benefits of using a local service provider and how it can contribute to a more effective and personalized experience for your business incorporation needs. Here are 6 advantages of choosing local for your business startup services: 

1. Familiarity With Business Regulations

One of the significant advantages of choosing a local business incorporating service is familiarity with the local regulations and requirements. Local service providers are well-versed in the specific legalities of your region, which ensures that you are compliant with all the necessary guidelines. This knowledge of local bureaucracy and procedures can save you time and effort and may eliminate potential roadblocks for a streamlined experience.

2. Personalized Attention and Communication

Local business incorporating services take pride in providing personalized attention to their clients. When you work with a local service, you can expect a more hands-on experience, direct communication, and accessibility. This means that you can discuss your unique business needs, goals, and concerns directly with professionals as you are navigating through the incorporation process. In my experience, this personal touch fosters a stronger client/provider relationship and instills trust and confidence that your specific needs will be taken care

3. Local Network and Connections

A local business incorporating service often has a network and connections within the local business community. This can be highly beneficial for your new venture, as you may be introduced to valuable resources such as accountants, lawyers, financial advisors, and other professionals who can assist you in various aspects of your business journey. Leveraging local networks opens doors to reliable referrals and access to a wide range of services to help you build a strong foundation for your business.

4. Community Support and Economic Impact

By choosing a local business, you contribute to supporting the local economy and community. When you patronize local services, you help sustain local employment and entrepreneurship, promote economic growth, and foster a sense of community. Additionally, local service providers often have a genuine interest in the success of businesses within their community and go the extra mile to provide exceptional service and support.

5. Flexibility

Local service providers are often more flexible in tailoring services to meet your specific needs. Whether you have unique requirements or seek a personalized approach, local service providers are more likely to accommodate your preferences and offer customized solutions that align with your goals.

6. Ongoing Support

Local business incorporating services are more likely to provide ongoing support and follow up on additional needs to make sure your business entity stays compliant with federal and local filings and administrative maintenance, such as compliance reviews, amendments, and updates to company records.

In closing, incorporating your business is a significant milestone, and choosing the right service provider can make all the difference. Opting for a local business incorporating service brings numerous advantages to the table. And by supporting a local provider, you not only receive exceptional service but also contribute to the growth and prosperity of your local community. 

About the Author

Theresa J. Thomas is the owner of The Prosperity Experts, a Professional Corporate Service Company, that provides business incorporating and support services to entrepreneurs and startups. Theresa has a combined thirteen years of working in the financial sector and has developed a skill for identifying financial solutions for the clients she serves. To schedule a consultation, call (888) 686-3323.’

You may check out other blog posts here.

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